State tax deduction or credit for contributions:
Contributions to a Michigan's 529 savings plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Michigan taxable income.

Which is a savings of $440 in state taxes, which is taxable on your federal return. Whoopee!

L.

You can get what you want, or you can just get old. (Billy Joel, "Vienna")

This counts against your no gift tax limit for the next 5 years. So I dont believe you can do any federal write-off.
Some states you can do more than one year for the tax benefit in a lump payment, but not all.

Make the five year election on Schedule A, Line B by following the instructions for this line in the instructions for the form.

If in 2015, you contributed more than $14,000 to a Qualified Tuition Plan (QTP) on behalf of any one person, you may elect to treat up to $70,000 of the contribution for that person as if you had made it ratably over a 5-year period. The election allows you to apply the annual exclusion to a portion of the contribution in each of the 5 years, beginning in 2015. You can make this election for as many separate people as you made QTP contributions.

You can only apply the election to a maximum of $70,000. You must report all of your 2015 QTP contributions for any single person that exceed $70,000 (in addition to any other gifts you made to that person).

For each of the 5 years, you report in Part 1 of Schedule A one-fifth (20%) of the amount for which you made the election. In column E of Part 1 (Schedule A) list the date of the gift as the calendar year for which you are deemed to have made the gift (that is, the year of the current Form 709 you are filing). Do not list the actual year of contribution for subsequent years.

However, if in any of the last 4 years of the election, you did not make any other gifts that would require you to file a Form 709, you do not need to file Form 709 to report that year's portion of the election amount.